Webster Bank is offering two competitive deals: a 2.75% money market savings account with the rate guaranteed to 6/30/09 and a 2.75% APY 7-month CD. Minimum deposit for both is $5,000 of new money. These specials are listed at the bank's promotion page as of 4/03/09. According to this promotion page, these specials are scheduled to last through 4/30/09. For the money market promotion, the 2.75% APY applies to all balances. After 6/30/09, the rates are subject to change with a tiered rate structure.
The bank had a similar promotion in October 2008. When I contacted the bank at that time, I was told people in any state can apply online or by phone. For this new promotion, there is an "Open an Account" button that leads to an online application. For those who apply online or by phone, they'll send you the new account package. You'll need to mail the signature card with a check and a photo copy of your driver's license. There is no hard credit inquiry. Readers who had applied for the checking earlier in the year when the bank was offering a sign-up bonus verified the lack of a hard pull.
Branches are located in Connecticut, Massachusetts, Rhode Island and in Westchester County, New York.
The bank's rating for safety and soundness has dropped a little since I reported on this bank in October. It now has a 3 star rating (adequate) at BauerFinancial based on 12/31/08 financial data. Webster Bank has been FDIC insured since 1960 (FDIC Certificate # 18221). It's a fairly large bank with $17.4 billion in assets.
Thanks to the reader who mentioned this special in the comments.
Other High Certificate of Deposit Rates
For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.